这一次，乐道找对节奏了吗？ 作者 丨高珮莙 一位老人出现在副驾驶位，轻轻挪动身体适应座椅，在车内四下环顾，眼神中流露出满意。戴孙悟 空面具的小男孩在二排座椅上舞动着金箍棒，更多好奇的小脑袋凑过来，面对镜头露出兴奋的笑 容。 镜头拉远，贴着红色福字、挂着红色灯笼的农家院前，衣着平常的男女老少们围着一辆崭新的乐道 L90，评头品足。 在乐道L90的宣传片里，主角从面容精致的专业演员换成了以家庭为核心的普通消费者，画面从力求 完美的精致生活切换到了更接地气的真实场景。 蔚来创始人、CEO李斌在长达3个小时的马拉松式发布会上，也几乎没有提及黑科技、豪华、BBA等 高大上的词汇，而是把"空间""安全""省钱"挂在嘴边。他们甚至专门编了一段通俗易懂的宣传 语："座座都是VIP，6人10座无压力，前后都能装行李。" 更重要的是，这款六座大三排SUV给出了颇有诚意的预售价：整车购买27.99万元起，电池租用方式 购买19.39万元起。预售期间下订并在8月31日前锁单，可享2000元预订金抵扣5000元购车款，再赠 送5000元选装基金。 作为对比，这类车型在目前市场上的起售价通常在30万~35万元之间。 正如蔚来总裁秦力洪所 ...

Core Viewpoint - The design of the Li Auto i8, which resembles an MPV, has sparked internal debate, but the focus remains on user value rather than appearance. The priority is to enhance passenger comfort and safety while optimizing aerodynamics and range [1]. Group 1: SUV Evolution - SUVs have evolved from off-road vehicles to urban-centric models, prioritizing comfort, space, and fuel efficiency over traditional off-road capabilities [6][7]. - The original purpose of SUVs was to cater to the needs of urban driving, leading to a shift in design that often sacrifices true sport utility for aesthetic appeal [6][7]. - The term "Sport Utility Vehicle" has become somewhat misleading, as many modern SUVs lack genuine sport characteristics, focusing instead on utility [7]. Group 2: Electric Vehicle Impact - In the era of electric vehicles, the design and performance of SUVs have improved, with lower centers of gravity enhancing handling and acceleration [9]. - The introduction of models like the Tesla Model X and Model Y has redefined SUV design, making them more practical and sporty compared to traditional SUVs [10][11]. - The i8 is positioned to follow this trend, emphasizing a blend of sportiness and utility that aligns with consumer expectations in the electric vehicle market [12]. Group 3: Consumer Perspective - Consumers should focus on their needs rather than the classification of the vehicle as an SUV or MPV, emphasizing the importance of practicality, aesthetics, and technology in their purchasing decisions [12]. - The automotive industry is experiencing a shift in design and functionality due to the transition to electric vehicles, which may initially seem unfamiliar but can become appealing over time [12][13]. - Future consumers are likely to appreciate the innovative designs of vehicles like the i8, recognizing their timelessness and relevance in the evolving market [14].

"五一和十一长假期间出行，开的都是电车。补能问题其实不算个问题，你只要不头铁一个劲开，在需要到该充电的时候去充电就行了。" "我嘛，因为家里安了私桩，所以日常通勤都是用'纯电模式'了，就每周固定一两天切到'超级混动模式'保证发动机工况。但出远门的时候，我这里基本不 考虑什么补能的问题，到了点之后，有桩就充没桩就用油。" 作为一切都围绕着"车"这个主题工作的汽车媒体，公社编辑部日常交流的核心关键词就是汽车。 而上面这番对话，便是一周前的编辑会议上，笔者与公社的崔立文老师交流时，各自阐述对于纯电和混动车的使用态度。 没错，崔老师开的是纯电汽车，蔚来旗下的乐道L60。至于作者本人，可能有朋友读过以前推送的文章，记得是台领克08。 图丨去年6月末换车照片，谨此纪念左边这台服务了七年多的油车 站在2025年中这个时间点上，新能源与否早就不再是个问题。但在一些细枝末节上，争议仍旧继续存在。诸如"哪种新能源"这个问题。 本文选取崔老师和作者这两个第一手案例，站在车主的角度以非常主观的态度来看待问题。并不为了指出些或者甚至归纳出些什么，纯谈谈感受而已。 纯电出行，不再特殊 尽管类似《充一小时电排四小时队这锅，到底该谁来接》《 ...

中国工业史上的奇迹！6月26日晚，小米创办人、董事长兼CEO雷军对小米YU7汽车的大定和锁单的数据，给予了高度评价，他多次感谢大家对小米的支 持。2分钟锁单12.2万台、3分钟大定20万台、1小时大定28.9万台，这可是价格超过25万元的汽车，小米YU7开售后极为夸张的势能，估计超过了99.99%的 网友预期，可喜可贺。 按照以上几项数据结合小米汽车的交付预期分析推算，如果前几分钟没有锁单，小米YU7的提车时间恐怕要排到2026年了。与小米SU7一样，获得海量订单 的小米汽车，再次面临甜蜜的负担，交付时间过长，可能会导致部分订单流失。 这种短时间内难以解决的供需不平衡，也催生了新的商机，小米YU7开售后涌入不少黄牛。6月26日晚在交易平台闲鱼上，出现大量小米YU7订单的转让， 价格1599元起。 | 小米YU7 × | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 全部 | | 个人闲置 | 行情 | | | | | 综合 v | | 价格 ◇ | | 新降价 | | 影 | | 个人闲置 | 真车认证 | 过户次数 v | 里程 v | ...

更多汽车出行资讯 …… 1.【别克新款GL8陆上公务舱正式上市】6月26日，别克品牌宣布，新款GL8陆上公务舱正式上市， 官方售价22.99万元。据别克方面介绍，出于对市场需求的考量，燃油车市场用户配置选择集中度越 来越高，此次主打一款车型，价格和配置是根据目前GL8家族整体产品谱系和价格区间来调整的。 （腾讯网） 2.【通用在美召回超6万辆汽车】6月26日，据美国国家公路交通安全管理局（NHTSA）披露，由于 制动压力传感器总成可能会将制动液泄漏到制动压力开关中，导致短路，通用汽车公司召回部分 2019-2024年款雪佛兰Silverado中型4500HD、5500HD和6500HD汽车，共计62,468辆。（界面 新闻） 扫码订阅汽车交通产业日报， 3.【小鹏汽车：右舵版X9将于7月在雅加达当地投产】6月26日，小鹏汽车宣布，小鹏X9正式在印尼 上市，起售价为9.9亿印尼盾。另外，右舵版小鹏X9将于今年7月在雅加达当地投产，标志着小鹏汽 车首个海外本地化生产项目在印尼即将正式启动。（新浪财经） 精选行业新闻，帮你省时间！ 4.【全新梅赛德斯-AMG GT XX概念轿跑正式亮相：1341马力纯电怪兽，技术与 ...

理想汽车-W(02015) 报告日期：2025 年 06 月 13 日 全新产品周期扬帆，AI 征程启航 ——理想汽车深度报告 投资要点 ❑ 盈利预测与估值： 我们预测 2025 年/2026 年 L 系列销量分别为 51.3 万/50.8 万辆；纯电系列销量为 8.5 万辆/22.9 万辆；预计 2025-2027 年公司总营收分别为 1700.09/2255.53/2907.42 亿元人民币，归母净利润为 89.89/149.26/195.33 亿元，同比增速为 11.9%、 66.1%、30.9%。我们参考可比公司 2026 年平均 PE 为 37 倍，给予理想汽车 2026 年 30 倍估值，并按照 8%折至 2025 年，对应公司目标价为 209.37 港币/股。给予 "买入"评级。 ❑ 风险提示 竞争加剧引发价格战的风险、纯电系列销量不及预期风险、严重的车祸事故引发 的舆论风险。 证券研究报告 | 公司深度 | 乘用车 目前真正跟理想一起在同一价格带拿份额的仅问界，以及潜在的竞争对手小米。 而问界、小米和理想目前均锚定不同的客户群，问界产品定义更偏商务，小米产 品定义更偏个人，而理想产品定义更偏家 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to enter a pure electric product cycle in the second half of 2025, coinciding with the launch of high-level intelligent driving features. The first pure electric SUV, the Li Auto i8, will be launched in July, followed by a new model, the i6, in September. As of May 29, 2025, the company has built 2,355 supercharging stations, with plans to exceed 2,500 by the i8 launch and reach over 4,000 by the end of 2025. The L series of vehicles will feature upgraded configurations and advanced driving capabilities, with the AD Max system utilizing the NVIDIA Thor-U chip and new laser radar technology [3][4]. Financial Forecasts - The company's revenue forecasts for 2025 to 2027 have been adjusted to 143.64 billion, 223.30 billion, and 236.15 billion RMB, respectively, reflecting a year-on-year change of -0.6%, +55.5%, and +5.8%. The net profit forecasts for the same period have been revised to 8.16 billion, 13.66 billion, and 15.41 billion RMB, with year-on-year growth of +1.6%, +67.4%, and +12.8%. The corresponding EPS for 2025 to 2027 is projected to be 3.81, 6.38, and 7.20 RMB, with P/E ratios of 27, 16, and 14 times [4][12]. Revenue and Profitability - In Q1 2025, the company achieved total revenue of 25.93 billion RMB, with a year-on-year increase of 1.1% but a quarter-on-quarter decrease of 41.4%. The gross margin for Q1 was 20.5%, slightly better than expected, with vehicle sales gross margin at 19.8%. The company reported a net profit of 650 million RMB for the same quarter, reflecting a year-on-year increase of 9.7% but a significant quarter-on-quarter decrease of 81.5% [11].

在经历上半年的卖车淡季后，理想亟待一波冲高。 5月29日晚，理想刊发了一季度财报，在9.29万台的交付量明牌下，总营收同比微增1.1%至259亿；单 季度净利润6.47亿，同比增长9.4%，是新势力中唯一一家连续十个季度盈利的车企。 拆解来看，理想一季度车辆营收录得247亿，高出市场预期的241亿。背后是车型结构的改善。入门款 L6占比下滑，高毛利的Mega/L9/L8车型占比回升，对冲了当季老款车型降价的影响。 由此来看，理想一季度整体表现基本符合预期，但市场的疑问主要集中在其对Q2的判断。 在二季度指引上，收入隐含的单车均价将下滑1.3万元；同时12.3-12.8万辆的销量指引意味着，5、6月 的销量不足5万（4.5-4.7万辆）。原本业内认为，在5月初理想L系列换新版推出后，完整交付月的第一 个月销量能攀至5万台，但似乎L系列订单量明显低于预期。 理想的压力不难理解，眼下的市场已经变得愈发焦灼。 首先是理想的"舒适圈"变为红海。 乘联会数据显示，一季度国内纯电和插混车型同比增长了45%和 63%， 增程车型销量则仅增长3.5% ，不及市场平均水平，远低于新能源汽车增速。 市场蛋糕不再变大，但背后的对手们 ...

李想被迫从"AI清谈"中重回产销一线了。 因为今年第一份季度财报，理想虽然仍在增长，但增速已经放缓，不再全面领先，危机警报已经被拉响了。 在财报业绩会上，CEO李想一边解读数据，一边抛出新车计划： i8、i6分别将在7月、9月登场，大批MEGA Home订单正蓄势待发。 今年的两场业绩会，在AI事业中繁忙的CEO李想，开始重新将谈论重心回归到汽车。 为了印证对汽车仍保持高度关注，李想主动披露了理想的新品规划： 李想透露其订单已经占MEGA总量的90%以上，预计到7月交付量会稳定在2500~3000辆。 两款全新纯电SUV理想i8和i6，分别将在7月和9月发布。现在i8已经完成全国路测，累计里程超过950万公里。 这一次，他没讲太多AI理念，而是把注意力重新放回了最核心的事——造车。 更关键的是，理想不再押注单一产品线，纯电新车密集上线，内部销量目标下调至64万台，增程与纯电的权重悄然开始偏移。 而在发布财报不久前，有多处信源表示，理想内部已将全年的70万辆目标下调到了64万辆。 CEO重心重回造车，理想开启纯电大年 还有外界广泛关注的纯电车MEGA Home版本，上周五全国陆续开启交付。 以上种种迹象都在指向 ...

Core Insights - Li Auto reported Q1 2025 financial results, showing revenue of 25.9 billion yuan, a year-on-year increase of 1.1%, but a quarter-on-quarter decline of 41.4%. Net profit was 647 million yuan, up 9.4% year-on-year, but down 81.7% quarter-on-quarter. The company attributes revenue growth to increased sales and effective cost management, achieving profitability for ten consecutive quarters [1][4]. Revenue Sources - Vehicle sales and service revenue were the primary sources of Li Auto's Q1 revenue. The company delivered 92,864 vehicles in Q1, a year-on-year increase of 15.5%. The L series remains the main sales driver, surpassing 1 million cumulative deliveries [4]. Future Models and Production Goals - Li Auto plans to launch the upgraded L series and the new model Li MEGA Home aimed at family users in Q2, with pre-orders for MEGA Home nearing 10,000 units. The company has adjusted its annual production target to 640,000 units, with 520,000 units for the L series and 120,000 units for electric products [4][6]. Competitive Landscape - Li Auto's Q1 delivery volume was slightly below that of XPeng Motors, which delivered 94,008 vehicles. Challenges are anticipated in sales, gross margin, and expenses, particularly as the L series faces increased competition from new entrants in the market [6]. Production Capacity and Charging Infrastructure - Li Auto's Beijing factory and supply chain are ramping up production capacity, with expected delivery volumes in July reaching 2,500 to 3,000 units. The company is also investing in charging infrastructure, with over 5,000 kilometers of highway coverage and 2,350 operational supercharging stations [6]. Q2 Outlook - For Q2, Li Auto expects delivery volumes between 123,000 and 128,000 units, representing a year-on-year growth of 13.3% to 17.9%. Projected quarterly revenue is estimated to be between 32.5 billion and 33.8 billion yuan, reflecting a year-on-year increase of 2.5% to 6.7% [6].